Kalyan Jewellers IPO to open on March 16
Kalyan Jewellers India Ltd backed by Warburg Pincus has announced a Rs 1,175 crore ($161.7 million) initial public offering (IPO) involving a stake sale by existing shareholders and the issue of new shares. The IPO will open from March 16 to 18 with a price band of Rs 86-87 per share.
Kalyan Jewellers expects to raise around Rs 800 crore by selling new shares while the promoters and shareholders will sell shares around Rs 375 crore.
Currently, promoter TS Kalyanaraman owns a 27 percent share in the company, while Warburg Pincus entity Highdell Investment Ltd owns 24 percent.
For the fiscal year 2020, Kalyan Jewellers had reported a revenue of Rs 10,100 crore, as against Rs 9,770 crore a year ago. The company’s net profit for the fiscal year 2020 was Rs 142 crore, as compared to a loss of Rs 5 crore in the previous year.
Kalyan Jewellers has over 100 stores across India, as well as around 30 in the Middle East including in the UAE and Kuwait. The Kalyan family business was established over 100 years ago and entered the jewellery market in 1993.
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